Should I Give Up Being Self-Employed? 

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He’s doubting himself. When your self employed, it’s scary because you always wonder “what if I run out of work” he needs to believe in himself.

It isn't about the money long term. If you prefer being self employed, then that is the deciding factor. Many of these companies look attractive and appealing during the interviews. It's once you start working when reality hits.

He's taking a huge pay cut to work for a less than thankful company. Not worth it. You're worth every dime your hands can earn you. You deserve that.

Self employment isn't for everyone despite what society says.

Im a self employed digital artist. 16 months ago I was making nothing and didn’t know if I would ever make it happen. By the end of 2021 I’m on track to gross nearly 200k and I’ve paid 70k of debt off this year. Be patient and persistent imo.

There are pros and cons with being self-employed. Though he is making more, he does have to pay all of his self-employment taxes and likely has to carry liability insurance. Working for someone, he pays less for social security and the like. The company likely carries the liability insurance. However, he will likely lose write-offs (vehicle repairs, gas, etc). He will likely get to sit at a desk rather than go through the physical abuse of his body. He needs to worry about a non-compete clause in case the job doesn't work out though. He likely will work less hours, which is a big deal to many. It's not like we have unlimited time on earth to enjoy life. Another big one, though, is taking vacations, kid-related things, etc. Being self-employed, you have more power to take vacations as many times and for as long as you want. Working for someone else, you get the 10-25 (if lucky) days off, and that's it. So taking a 4-6 week vacation is a non-starter for nearly all who work for others. You also can take time to see your kid's school play or watch your kid play sports during the work week. Though I made more in my "previous life" working for others, by working for myself, I got to watch my daughter grow up. I got to see her soccer and lacrosse games from middle school through college. I got to go to school events. I visited her lots of times when she was in college, and I can go anytime to see her now. There is no "rewind" on things like that. If you miss them, you never get a chance to make it up.

I think being self employed can be an amazing thing but it’s hard work that’s for sure

The price of being self-employed is freedom. I learned how to value frugality and time.

Everyone seemed to miss the point the caller said his current self-employment job is getting physically taxing. That's his big worry. He should restructure his current work situation and stay self-employed.

Stay self employed! My your own boss!

It is hard to work for someone else after owning your own business and it may take a long time to build the business back up if the job doesn't work out. Keep the business and try not to work too many eighty hour weeks.

You never get rich working for someone else. It's not possible. Dave knows this. He doesn't tell you though. He started his own business. That's how he did it.

Here’s the deal with entrepreneurship. You are always working for someone else … but with having your own thing … you dictate when you work. That’s pretty much it

I've been self-employed since 1996, and it's been a tough haul, but I can't imagine at this point going back to working for someone else. It sounds like this guy might be feeling some trepidation about that.

He needs to stay the course, and remember why he chose self employment years ago, it's not worth working for anyone else especially today

$110 take home vs 80k before taxes in BOZEMAN. More money the better dude. Bozeman real estate is insane right now.

He s doing well for himself. He's just tired.

There is a value to being your own boss. Lower income and a move... I'd stay self employed.

Go with your heart and keep being your own boss.

Great call to listen too it was such a tug for the right decision. The caller is definitely doubting himself either choice.

Since the new job is not in the same field as the SE (no non-compete issue) he could pick and choose SE projects and treat it like a weekend side gig.

What great insights by Dave. He read that situation so well.

They are not going to give him $110K to start. If they do they will expect 80 hours a week and miracles from this guy.

I learn so much from these videos. Dave should write a business book!

office work and manual labor arent comparable. 50 hours standing on dairy tile 12 hours per day lugging 100 pound equipment is like 85 hours in the office space. i know because ive done both

Remember you will work 80 hours a week for yourself before working 40 hour's for someone else.

Sounds like he needs to hire some carpenters to do more of the physical stuff. That way he can take a step back from that and spend more time really pushing for thos bigger contracts.

Dave tells it like it is. Great content.

It can be the best, or the timing is off and you are underprepared, it can be the worst decision. Always make sure the decision is well seasoned in wisdom, not just passion.

Good advice Dave!

Man I love Dave's advice on this.

Imagine if Dave was hiring someone and offered a salary of $79k, they countered with $90k, then after agreeing on $84k the person came back and demanded $110k (31% higher). He would kick them to the curb and get that’s what he’s telling this guy to do.

I love how you both disagreed at the end because I feel they both are right answers. I personally would choose kens decision. He left that role before he may do it again because he never had a passion for the work he just claimed it was the atmosphere

Wisdom is irreplaceable

He didn’t mention benefits. Health insurance must come into play.

If he is self employed and has a solid flow of money he should keep his job unless the new job gives more money. If the new company tells about potential it can also be bs as promises are easy to make but effective increases are not common

I think the guy should try to work around his business situation and maybe look for another job that can pay closer to what he’s making right now. He might he able to hire some good apprentices who can take on the physical work that makes him tired and stay self employed.

Why is it hard for them to understand that he struggles from his business standpoint to compete with the big big places and that would add too much stress to his life. I think he wants the other job... he just needs to try to argue in favor of less of a pay cut or a performance review within 12 months.

Carpentry is a lot harder physically than most understand. At first I thought why would you take less money to work for someone. I can completely understand why he's thinking about his body getting tired.

I would not accept that job and take a $65k pay cut. If you’re making $110k after tax, that’s more like $150k a year.

I like that they did not agree because this is the toughest question of all. I dream about not being self employed sometimes and I have a great business. It is very tough. If I had a family I would probably not do it anymore. I will gladly take the pay cut to decrease the stress

Dave Is naive. Companies don't just hand out money.

"Just ask them for $110k and they will give it to you".. lol.. Dave..or they might tell him "thank you, Sir." And they move to next person in line

Proud of Ken for “disagreeing” with Dave! Takes guts and heart to stick with what you think even when it’s directly opposed to Papa Dave 😆

Working for a company being employed does not mean working less, especially when there is a shortage of staff. Also you might not get PTO ever, or not when you want it.

Take the job...but do not bank on getting a big raise ask for more up front. All your future raises are based on the base salary, ask for the match but if it's a little less OK. If you already shook hands on the $84k let them know you would expect significant bumps after six months and then twelve months has long as everything takes off and is working well.

He needs to really sleep on this. This is a double edged sword. He needs to get more details out of a co on what exactly his position will consist of. Hours, time off, how far he needs to travel, pay raises, etc.. letting go of a $110k a year is also not the smartest.

We are living in a time where a few $100 and the right mindset can change your whole life. I don’t think there has ever been a time in history like this.

Your self employment is working as it is and you would have gotten out of it if you hated it. Refine what you do and find a way to make it easier or better so you don't have to work as hard. Dave had a good call. Do you give up your free will to work for someone else for less?

$110K in Montana is a lot of money!

*Being self employed, if doing what you enjoy is the best thing ever, it could give you more freedom*

Ken Coleman approaches every call the same way. "Stop. stop. What is your heart saying?? right now!" Dave, if you're reading this, I can do that too!

If you are self employed you hold ALL the risk. So you must be earning at minimum $200,000 per year if you DONT even have any debts for that business.

Contract work for them. If they want you they will figure it out.

It's the work that we avoid, and we're all self-employed We love to work at nothing all day

Buddy, work for your self. It's messy out there.

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My tax guy suggests I get a W2 job from now on so I won't have to pay for social security and medicare, etc.

He was head-hunted so sounds like he wasn't even looking for a job. Maybe if he looked he could get a better offer. He doesn't see his current company growing.

It appears that the main factor pushing caller to accept the job offer with pay cut is his physical exhaustion. Caller sounds like a man in his early 30's, so if he is this tired I think he should go get a physical exam to see if he has an underlying medical condition that causes exhaustion, maybe low thyroid, etc. His $110K after taxes as SE is closer to $140K - $160K before taxes. Ken is correct, stay SE. Caller is doing better than he realizes. A construction company that previously specialized in homes, suddenly wants to shift to commercial buildings? Caller will be the fall guy (with a pay cut) when this doesn't end well. Why take the gamble with his career? Please listen to Ken on this one.

110k for 1-2 houses per year? I’d keep doing that

The pay has not gone up I'll tell you that. Workers don't get paid unless they are union.

If he quits his self-employment situation it's tough to start over again, should he decide to go back to it.... Where is getting a job he could probably always go out and do that.... When I was younger and I closed my equipment repair shop and went to work at the dealership my life got significantly easier overnight, so there's that too.

They got it all wrong. Take that desk job

Why did you delete my comment?

I admire Ram for using android devices, salute.

Doesn’t understand the value of his business.

You forgot the obvious -- you call and tell them that you "received another offer" from another company for $120. If they say no then you say hasta la vista baby. Also The Grass Is Always Greener. That 90-day break in period is their excuse to say you know it just ain't working out there bud, and then they let you go.

Dave killed him

KEEP GOING!!!! Happy to help you, email me!!!

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Ken hates work from home so much.